Increase in demand for sustainable energy resources across the globe has led to the utilization of rooftop solar PV installation in residential and commercial buildings. Rise in awareness of carbon emissions in the environment, which has led to the shutdown of fossil fuel combustion power generation plants and shift towards the application of solar panels have a positive impact on the rooftop solar PV market growth.
PORTLAND, Ore., April 4, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Rooftop Solar PV Market by Deployment (Terrace Mounted and Pole Mounted), Technology (Thin Film and Crystalline Silicon), Grid Type (Off-Grid and Grid Connected), and End-Use (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “Rooftop Solar PV market” was valued at $51.2 billion in 2022, and is estimated to reach $89.8 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.
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Prime determinants of rooftop solar PV market growth
The global rooftop solar PV market is experiencing growth due to several factors such as a growing adoption of rooftop solar PV, supporting government initiatives towards zero carbon emissions, and shift towards sustainable energy. However, high initial investment cost hinders the market growth. Moreover, demand for clean energy resources, tax incentives, and green subsidies provide opportunities for expansion in the rooftop solar PV market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2023 |
$51.2 billion |
|
Market Size in 2032 |
$89.8 billion |
|
CAGR |
5.8 % |
|
No. of Pages in Report |
225 |
|
Segments Covered |
Deployment, Technology, Grid Type, End-Use, and Region |
|
Region Scope |
North America, Europe, Asia-Pacific, and LAMEA |
|
Country Scope |
U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa. |
|
Drivers |
Adoption of rooftop solar PV Supporting government initiatives towards zero carbon emissions Shift towards sustainable energy |
|
Opportunity |
Demand for clean energy resource Tax incentives and green subsidies |
|
Restraint |
High initial investment cost |
The pole mounted segment is expected to grow faster during the forecast period.
By deployment, the pole mounted segment held the highest market share in 2022, accounting for more than two-thirds of the rooftop solar PV market revenue, and is estimated to maintain its leadership status during the forecast period. Increase in the utilization of solar street lights and other emergency equipment on the road drives the demand for pole mounted solar PV market. However, the terrace mounted segment is projected to attain the highest CAGR of 6.2% from 2023 to 2032. Increase in government initiatives toward the development of rooftop solar power generation has a positive impact on the terrace mounted rooftop solar PV market.
The crystalline silicon segment is expected to lead the trail by 2032
By technology, the crystalline silicon segment held the highest market share in 2022, accounting for more than four-fifth of the rooftop solar PV market revenue, and is estimated to dominate during the forecast period. The dominance of crystalline silicon solar panels is mostly due to the cost-effectiveness and the presence of a well-established supply chain and manufacturing facilities over decades of commercialization have a significant impact on the market. However, the thin film segment is projected to attain the highest CAGR of 7.0% from 2023 to 2032, owing to its application in commercial buildings for power generation and other applications. Thin film solar panels are widely used as solar windows of commercial buildings for power generation. This manufacturing process allows for flexibility, lighter weight, and potentially lower production costs compared to crystalline silicon panels.
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The grid connected segment to dominate the market during the forecast period
By grid type, the grid connected segment held the highest market share in 2022, accounting for more than four-fifths of the rooftop solar PV market revenue, and is estimated to dominate during the forecast period. Increase in awareness among governments and corporations towards the environment has led to increase in investment in renewable power generation utilities related to solar power generation, which has boosted the grid connected rooftop solar PV market.
However, the off-grid segment is projected to attain the highest CAGR of 6.2% from 2023 to 2032. Rapid growth of off-grid rooftop solar PV is mostly due to increase in government incentives to consumers for the installation of rooftop solar panels. In addition, the presence of rural areas and off-grid villages in developing countries has a high demand for rooftop solar panels for power generation, leading to rise in demand, which is expected to drive the rooftop solar PV market.
The industrial segment to dominate the market during the forecast period
By end-use, the industrial segment held the highest market share in 2022, accounting for more than two-fifths of the rooftop solar PV market revenue, and is estimated to dominate during the forecast period. Increase in demand for emergency backup power in the industrial building has led to the utilization of renewable power generation facilities such as rooftop solar power generation to power the instruments during the power outage, which boosted the industrial rooftop solar PV market.
However, the commercial segment is projected to attain the highest CAGR of 6.3% from 2023 to 2032. Rapid growth of rooftop solar PV is mostly due to increase in commercial infrastructure development in developing countries such as India, China, and Brazil, which has driven the installation of rooftop solar panels. In addition, the shift towards the sustainable power generation capability from the construction industries is expected to drive the rooftop solar PV market.
The Asia-Pacific segment to dominate the market by 2032
Region-wise, Asia-Pacific held the highest market share in 2022, accounting for more than half of the rooftop solar PV market revenue, and is estimated to dominate during the forecast period. The major developing countries in this region are investing in infrastructure heavily, which led to the demand for clean energy, leading to utilization of rooftop space for power generation. However, the Asia-Pacific segment is projected to attain the highest CAGR of 6.2% from 2023 to 2032.
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Leading Market Players: –
Jinko Solar Holding Co. Ltd.
JA Solar Holdings Co. Ltd.
Trina Solar Co. Ltd.
LONGi Group
Canadian Solar Inc.
First Solar, Inc.
SunPower Corporation
Indosolar Ltd
Hanwha Q-cells
E-Ton Solar Tech Co., Ltd.
The report provides a detailed analysis of these key players in the rooftop solar PV market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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